Alexander Novak attends meeting of seven OPEC+ nations
Alexander Novak attends meeting of seven OPEC+ nations
Alexander Novak attends meeting of seven OPEC+ nations
Deputy Prime Minister Alexander Novak co-chaired a meeting of seven OPEC+ countries, namely Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, which previously announced additional voluntary adjustments in April and November 2023.
In accordance with their collective commitment to support oil market stability, In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023. This adjustment will be implemented in August 2026. The additional voluntary adjustments announced in April 2023 may be returned in part or in full subject to evolving market conditions and in a gradual manner.
They will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase-out of the voluntary production adjustments, including reversing the previously implemented voluntary adjustments announced in November 2023.
The seven OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. They reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC). They also confirmed their intention to fully compensate for any overproduced volume since January 2024.
The seven OPEC+ countries will hold monthly meetings to review market conditions, conformity and compensation. The next meeting has been scheduled for 2 August 2026.
